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Could changes in LIBOR-setting lead to frustration in current contracts?

Could changes in LIBOR-setting lead to frustration in current contracts?

Published on: 11 February 2016

Published by: LexisPSL

Could changes in LIBOR-setting lead to frustration in current contracts?
What are the current plans to overhaul LIBOR or create alternative reference rates?
What advantages would this have for the market and market-participants generally?
What effect would this have on existing contracts referencing LIBOR? Would parties be able to argue that a contract could be terminated based on contractual frustration?
Should banking lawyers be looking to add additional language into their contracts now to avoid future problems?

Article summary

Banking & Finance analysis: There is a move to transaction-based benchmarks for calculating LIBOR rates. Saaman Pourghadiri, barrister at Outer Temple Chambers, questions whether this change in methodology is likely to lead to frustration in current contracts. Sign in or take a trial to read the full analysis.

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